Many medical practices have questioned whether outsourcing medical billing would be the right choice for them. What drives them to this question? Managing billing in-house is one of the most frustrating aspects of a practice. The cost is weighing, the workload is astronomical, and the burden it presents a provider’s staff is unmeasurable. In-house medical billing leaves providers, their staff, and their patients frustrated, accomplishing little at the end of the day. While medical billing is necessary to keep a practice running, providers want a solution to the everyday aggravations of in-house billing. The solution to this problem exists, but providers are still uncertain as to whether such a big transition is the right choice for their practice. The truth is, outsourcing to medical billing companies is completely necessary for the billing success of any practice in 2019 and the years to come. Medical billing companies offer a practice the security, relief, revenue, among other interests that they cannot receive on their own.
The Benefits of Outsourcing to Medical Billing Companies:
1) Complete Focus
The reality for most in-house billing staff is that their focus and drive is diverted to innumerable tasks other than straight forward medical billing. In-house billing staff is often stretched in many directions. In many circumstances, they are checking patients in, confirming appointments, and working on things that are hardly billing affiliated. The benefit of handing the work over to medical billing companies is that you receive two-sided focus. On the first side, providers receive a staff that is free from the confines of medical billing, better able to focus on patient-centered tasks and revenue generating operations. On the other side, medical billing companies are concentrated on one thing and one thing only, medical billing. With complete focus on this task, medical billing companies act as experts. With experts handling their practices medical billing, providers see their clean claims rate sky-rocket, decreasing denials, increasing approvals. This complete focus on billing is not realistic for a practice to handles their billing in-house.
2) Decrease Costs
Any provider knows that the costs associated with medical billing are astronomical. Between maintaining a full staff, claims processing, collections, updating technology, and other billing related costs, the price is hard to rationalize. By utilizing medical billing companies, providers find an opportunity to cut costs and improve revenue. By eliminating the billing staff within a practice, providers will save an immense sum of money. Not only with salary costs, but with training costs as well. By returning the work to billing experts, providers will see their denials decrease, increasing the number of payments flowing into their practice. The higher the clean claims rate a practice can achieve, the higher revenue a provider will sustain. Some say that the cost of outsourcing costs more in the long run, but this is not true with the right vendor. By researching medical billing companies, a provider can find a vendor who will help them cut costs and increase cash flow.
Arguably one of the most important benefits to utilizing medical billing companies is the return on time a provider will see. The burden of medical billing is lifted off their shoulder of responsibility and their staff can refocus themselves on patient-critical tasks. Providers can focus on what matters most…the patient, their health, and their satisfaction. With medical billing companies now taking over the time spent on billing, providers can focus on other areas of improvement in their practice. Patient education, technology, engagement, and other tools to help their patients lead healthier and more successful lives, now have the time to grow and expand within a practice.
These three benefits of utilizing medical billing companies will help a practice jump ahead in 2019. The key is to find the right vendor who will help your practice refocus as well as save time and money. To learn more about what medical billing companies can do this for you, click here.